Morocco’s Aeronautics Sector Records 14% Drop Due to COVID-19

Rabat – Morocco’s Minister of Trade Moulay Hafid Elalamy said that the country’s aeronautics sector has recorded a significant negative impact during the pandemic period. The minister said earlier this week that the aeronautics sector in Morocco recorded a drop of 14% in recent months due to COVID-19 repercussions. During a session at Morocco’s House […] The post Morocco’s Aeronautics Sector Records 14% Drop Due to COVID-19 appeared first on Morocco World News.

Morocco’s Aeronautics Sector Records 14% Drop Due to COVID-19
Rabat – Morocco’s Minister of Trade Moulay Hafid Elalamy said that the country’s aeronautics sector has recorded a significant negative impact during the pandemic period. The minister said earlier this week that the aeronautics sector in Morocco recorded a drop of 14% in recent months due to COVID-19 repercussions. During a session at Morocco’s House of Representatives on Monday, Elalamy discussed issues pertaining to industry, saying that the only sector facing difficulties is that of aeronautics, including spare parts. He said the situation is attributable to the 75% decline in activity in the sector worldwide. Elalamy added that Morocco’s industrial field overall has recovered more than 96% of employment positions so far, saying that the positive results show the success of Morocco’s strategic choices. The minister emphasized that the textile and clothing sector recorded significant growth in recent months since “it was able to recover 94% of jobs after having experienced a decline of more than 40%. Meanwhile in October of this year, job creation reached 104% in the automotive sector compared to the previous year, 99% in offshoring, 97% in the electricity and electronics sector, and 96% in chemistry and parachemistry. The minister outlined an approach to tackle the crisis. He said that Morocco has adopted a new strategy to accompany the industrial acceleration plan. “This crisis has demonstrated the strength of the economy and the economic fabric of Morocco in the sense that Morocco is positioned as a model throughout the world due to the significant decline experienced by the sectors of the economy and industry.” Elalamy also announced the signing of three new investment agreements for the creation of 7,500 additional jobs, reinforcing that foreign investors’ choice of Morocco as a destination reflects its unique and favorable investment climate. The official said that a new sectoral plan for agri-food was adopted because since the implementation of the 2017-2021 strategy between the ministries of agriculture and industry, through the Agricultural Development Fund and the Industrial Development Fund, the sector obtained positive results by setting up 209 projects with a budget of MAD 5.8 billion ($653 million). The sector also generated 27,740 direct jobs and a turnover of MAD 21.7 billion ($2.4 billion), including MAD 6.3 billion ($709 million) in exports. The minister said that support for the Industrial Development and Investment Fund will reach a total of MAD 21 billion ($2.4 billion) between 2014 and 2020. The post Morocco’s Aeronautics Sector Records 14% Drop Due to COVID-19 appeared first on Morocco World News.